Five Indian-Americans in Forbes list of US' richest

September 30, 2014

New York, Sep 30: Five Indian-Americans have been named among the 400 richest people in the US by Forbes, a list topped by Microsoft co-founder Bill Gates for the 21st year in a row with a net worth of USD 81 billion.

Forbes listFounder of outsourcing firm Syntel Bharat Desai, entrepreneur John Kapoor, Symphony Technology founder Romesh Wadhwani, Silicon Valley angel investor Kavitark Ram Shriram and venture capitalist Vinod Khosla are among 'The Richest People In America 2014' list by Forbes.

Forbes said 2014 was another record year for American wealth, when the aggregate net worth of the richest 400 Americans was USD 2.29 trillion, up USD 270 billion from a year ago.

"Thanks to a buoyant stock market, the richest people in the US just keep getting richer," Forbes said.

Gates is the richest American for the 21st year in a row, with a net worth of US 81 billion. The Microsoft chairman's stake in the software company he cofounded accounts for just under 20 per cent of his total net worth. His friend Warren Buffett, chief executive of Berkshire Hathaway, occupies the number two spot on the 400, a rank he has held since 2001 with a net worth of USD 67 billion.

Larry Ellison, who just announced that he was giving up the CEO role at Oracle, the software firm he founded, comes in at number three, with a net worth of 50 billion dollars.

Desai and his family rank 255 on the list, followed by Kapoor who is ranked 261, Wadhwani (264), Shriram (350) and Khosla (381).

Facebook co-founder and CEO Mark Zuckerberg is now the 11th richest person in the US, and the biggest dollar gainer on the list. His fortune soared to USD 34 billion, up USD 15 billion since last year, due to a sharp rise in the price of the social network's shares.

Desai, 61, and wife Neerja Sethi founded outsourcing firm Syntel in 1980 while studying at University of Michigan. The Indian Institute of Technology alumnus has a networth of USD 2.5 billion.

Kapoor, 71, debuts on The Forbes 400 as a serial entrepreneur who has founded two pharmaceutical companies that he has guided to exceptional success.

The bulk of his wealth is concentrated in shares of Akorn Pharmaceuticals, an Illinois-based generics manufacturer that Kapoor has been involved with since the early 1990s, and INSYS Therapeutics, a cancer-treatment maker that went public in May 2013.

Kapoor, whose net worth is USD 2.5 billion, also has a small chain of fast-casual Indian restaurants in Arizona called Bombay Spice, as well as Roka Akor Japanese eateries in Chicago, Scottsdale and San Francisco.

Wadhwani, 67, an Indian Institute of Technology Bombay alumnus has a net worth of USD 2.5 billion. Forbes said over the last decade, his galaxy of companies has expanded to 20 and is generating three billion dollars in revenues with 18,000 employees worldwide.

He is the recipient of the 2013 Forbes India 'Non-Resident Philanthropist Award' and sits on the boards of the Kennedy Center and the Center for Strategic and International Studies. Wadhwani signed Bill Gates' and Warren Buffett's Giving Pledge last year.

Shriram, 57, has a net worth of USD 1.87 billion. He was an early Google backer and has been a Silicon Valley angel investor since 2000. Through his Sherpalo Ventures, he has backed early-stage tech firms such as Zazzle and Paperless Post, as well as the frozen yogurt retailer Pinkberry.

Shriram made most of his fortune through Google and has been on its board since the company was founded in 1998. In June 2014, Shriram and his wife donated $61 million to engineering initiatives at Stanford University, which both of his daughters attended and where he is a board trustee.

Khosla, 59, has a net worth of USD 1.67 Billion and has run his own venture capital firm, Khosla Ventures, since 2004, following nearly two decades at VC firm Kleiner Perkins. His highest-profile investments have lately been in clean tech: wood-based biofuel, new types of batteries and water purification.

All together, the 400 wealthiest Americans are worth a staggering USD 2.29 trillion, up USD 270 billion from a year ago.

The average net worth of list members is USD 5.7 billion, USD 700 million more than last year and a record high. An impressive 303 of the 400 saw the value of their fortunes rise compared to a year ago. Only 36 people from last year's list had lower net worths this year.

The list has 27 newcomers including Elizabeth Holmes the youngest woman on the list, and the youngest self-made female billionaire in the world. Just 30 years old, the Stanford University dropout has built blood testing company Theranos into a firm that venture capitalists have valued at USD 9 billion.

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News Network
March 12,2020

Beijing, Mar 12: The number of fresh infections at the epicentre of China's coronavirus epidemic dropped to a new low on Thursday but the country imported more cases from abroad.

Another 11 people died, the lowest daily increase since late January, bringing the toll in China to 3,169 deaths, according to the National Health Commission.

There were only eight new cases in Wuhan, the city where the virus first emerged in December before growing into a national crisis and a pandemic.

It is the first time that new cases in Wuhan, the capital of Hubei province, have fallen to single-digits since figures started to be reported in January.

With cases falling dramatically in recent weeks, authorities this week began to loosen some restrictions on Hubei's 56 million people, who have been under quarantine since late January.

Healthy people living in low-risk areas of the province can now travel within Hubei. While Wuhan is not included, some of the city's companies were told they could resume work.

Only one other non-imported case was recorded elsewhere in the country.

But as global hotspots emerge elsewhere, China fears that cases arriving from abroad could undermine its progress.

On Thursday there were six more imported cases reported, bringing the total of infections from overseas to 85, health officials said.

Beijing has ordered a 14-day quarantine for everyone arriving in the city from any country.

Travellers flying into Beijing Capital International Airport from high-risk countries are now handled separately from other passengers.

A total of 80,793 people have now been infected in China.

President Xi Jinping said this week during his first visit to Wuhan since the crisis erupted that the spread of the disease has been "basically curbed" in China.

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Agencies
March 26,2020

Madrid, Mar 26: More than three billion people around the world were living under lockdown on Wednesday as governments stepped up their efforts against the coronavirus pandemic which has left more than 20,000 people dead.

As the number of confirmed cases worldwide soared past 450,000, UN Secretary General Antonio Guterres warned that only a concerted global effort could stop the spread of the virus.

In Spain, the number of fatalities surpassed those of China, where the novel coronavirus first emerged three months ago, making it the hardest-hit nation after Italy.

A total of more than 20,800 deaths have now been reported in 182 countries and territories, according to an AFP tally.

Stock markets rebounded after the US Congress moved closer to passing a $2.2 trillion relief package to prop up a teetering US economy.

In Washington, President Donald Trump said New York, the epicenter of the US outbreak with over 30,000 cases, likely has a few "tough weeks" ahead but he would decide soon whether unaffected parts of the country can get back to work.

"We want to get our country going again," Trump said. "I'm not going to do anything rash or hastily.

"By Easter we'll have a recommendation and maybe before Easter," said Trump, who had been touting a strong US economy as he faces an election in November.

UN chief Guterres said the world needs to ban together to stem the pandemic.

"COVID-19 is threatening the whole of humanity -- and the whole of humanity must fight back," Guterres said, launching an appeal for $2 billion to help the world's poor.

"Global action and solidarity are crucial," he said. "Individual country responses are not going to be enough."

India's stay-at-home order for its 1.3 billion people is now the biggest, taking the total number of individuals facing restrictions on their daily lives to more than three billion.

Anxious Indians raced for supplies after the world's second-biggest population was ordered not to leave their houses for three weeks.

Russia, which announced the death of two patients who tested positive for coronavirus on Wednesday, is expected to follow suit.

President Vladimir Putin declared next week a public holiday and postponed a public vote on controversial constitutional reforms, urging people to follow instructions given by authorities.

In Britain, heir to the throne Prince Charles became the latest high-profile figure to be infected, though he has suffered only mild symptoms.

The G20 major economies will hold an emergency videoconference on Thursday to discuss a global response to the crisis, as will the 27 leaders of the European Union, the outbreak's new epicenter.

China has begun to relax its own draconian restrictions on free movement in the province of Hubei -- where the outbreak began in December -- after the country reported no new cases.

Crowds jammed trains and buses in the province as people took their first opportunity to travel.

But Spain saw the number of deaths surge to more than 3,400 after 738 people died in the past 24 hours and the government announced a 432-million-euro ($467 million) deal to buy medical supplies from Beijing.

The death toll in Italy jumped in 24 hours by 683 to 7,503 -- by far the highest of any country.

The number of French deaths was up by 231 on Wednesday to more than 1,330, and metro and rail services in Paris were cut to a minimum.

Spain and Italy were joined by France and six more EU countries in urging Germany and the Netherlands to allow the issue of joint European bonds to cut borrowing costs and stabilise the eurozone economy.

The call is likely to fall on deaf ears when EU leaders talk on Thursday -- with northern members wary of pooling debt with big spenders -- but they will sign off on an "unprecedented" recovery plan.

At La Paz University Hospital in Madrid, nurse Guillen del Barrio sounded bereft as he related what happened overnight.

"It is really hard, we had feverish people for many hours in the waiting room," the 30-year-old told AFP.

"Many of my colleagues were crying because there were people who are dying alone, without seeing their family for the last time."

Coronavirus cases are also spreading in the Middle East, where Iran's death toll topped 2,000, and in Africa, where Mali declared its first case and several nations announced states of emergency.

In Japan, which has postponed this year's Olympic Games, Tokyo's governor urged residents to stay home this weekend, warning of a possible "explosion" of the coronavirus.

Jerusalem's Church of the Holy Sepulchre, believed by Christians to house Christ's tomb, was shut as Israel tightened movement restrictions.

The impact of the pandemic is also hitting European football, with leagues and tournaments cancelled, while the fate of the Wimbledon tennis tournament could be decided next week.

The economic damage of the virus -- and the lockdowns -- could also be devastating, with fears of a worldwide recession worse than the financial meltdown more than a decade ago.

But financial markets rose after US leaders reached agreement on a stimulus package worth roughly 10 percent of the US economy, an injection Senate Majority Leader Mitch McConnell said represented a "wartime level of investment."

Meanwhile, more than half of all Americans have been told to stay at home, including residents of the largest state, California.

The United States has at least 65,700 cases and 942 people have died.

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News Network
June 29,2020

Karachi, Jun 29: Four heavily-armed militants attacked the busy Pakistan Stock Exchange on Monday morning, killing four security guards and a police sub-inspector before being shot dead in an exchange of fire, media reports said.

The unidentified militants opened indiscriminate fire and lobbed hand grenades at the main gate of the building as they tried to storm it, Geo News reported.

Police said that all the terrorists have been killed while five persons injured in the attack.

Four security guards and a police sub-inspector were also killed in the attack.

"An unfortunate incident took place at the Pakistan Stock Exchange. They made their way from our parking area and opened fire on everyone," said Abid Ali Habib, Director of Pakistan Stock Exchange.

The firing by militants caused panic among the people in the building.

Sindh province Governor Imran Ismail condemned the incident.

"Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror. Have instructed the IG & security agencies to ensure that the perpetrators are caught alive & their handlers are accorded exemplary punishments. We shall protect Sindh at all costs," he said on Twitter.

Police and rangers have arrived on the spot and surrounded the area.

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